Yang Soo-kyung Sentenced to Fine for Failing to Report Transfer of Husband's 9.8 Billion KRW Inheritance Bond
[Asia Economy Intern Reporter Kang Ju-hee] Singer Yang Soo-kyung was sentenced to a fine for transferring bonds worth tens of billions of won left by her husband without reporting them to the Bank of Korea.
On the 3rd, Judge Park Sang-gu of the Criminal Division 18 at the Seoul Central District Court sentenced singer Yang Soo-kyung, who was prosecuted for violating the Foreign Exchange Transactions Act, to a fine of 9 million won.
After her husband, Byeon Doo-seop, who was the former chairman of the entertainment agency Yedang Entertainment, passed away, Yang received limited approval from the Seoul Family Court in December 2013 and inherited bonds worth 9.8 billion won related to Company A, which her husband owned.
Subsequently, Yang lost two lawsuits regarding inherited debt in 2015 and 2016, and was required to repay damage compensation bonds due to her husband's illegal acts from Company B.
To repay the debt to Company B, she transferred the bonds in March 2016 but did not report this transaction to the financial authorities.
Under the Foreign Exchange Transactions Act, domestic residents must report to the Bank of Korea when entering into bond purchase contracts with overseas residents that generate bonds. According to Article 29, Paragraph 1 of the same law, failure to report capital transactions that may affect foreign exchange management can result in imprisonment for up to one year or a fine of up to 100 million won.
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However, the court stated, “Yang transferred the bonds at the request of CEO Lee, who began managing the company in 2015, to repay 15 billion won in damage compensation debt caused by her husband Byeon's embezzlement, even if it was overseas, as an act to partially repay inherited debt,” and added, “Considering that she is a first-time offender with no prior criminal record, her age, character, and circumstances after the crime.”
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